According to Cushman and Wakefield’s 2023 Asia Pacific Office Fit-Out Cost Guide Costs for office fit-outs all over Asia Pacific have increased. The region of Southeast Asia, Singapore has the highest cost for fitting out.
Constantly high inflation as well as tight labour markets and continuous delays in supply chain processes are the main reasons for the increase in the cost of fitting-out. “Cost is a clear priority for office owners as evident by the ongoing 0.8% q-o-q increase in CBD Grade A office rents during the 1Q2023,” says Grant Carter director of project and services for development Singapore for Cushman & Wakefield.
J’Den floor plan ranging from 1 to 5 bedrooms spread over floors, J’Den condo is ideal for young to large families. The commercial spaces on the first two floors provide residents with quick access to amenities.
Major occupiers are paying for the costs of fitting out in order to improve the return-to-office rate. Although the cost of fitting out was up in all regions, an average increase of% for local currencies (7% in US dollar figures) However, there were early signs of pressure easing.
According to Carter that occupiers are trying to understand the effects of modern flexible work practices on their workspace requirements and design of fit-outs to encourage collaboration and creativity while also providing space for work that is focused on the individual.
“With an eye on the highest quality and user experience the best fit-outs for users must take into consideration a variety of key elements such as workplace strategy and changes as well as sustainability, technology and ESG elements to ensure their workspaces are designed for the user enjoyment,” he adds.